Sessions

Sessions

Description

Learn how to understand and apply the recognition and disclosure requirements for revenue from contracts with customers and the key requirements for accounting for leases using practical examples. Learn how to understand and apply the recognition and disclosure requirements for financial instruments.

Accounting for revenue from contracts with customers key topics:

a discussion of existing revenue standards

an overview of IFRS 15, including an outline of details about its scope and effective date

recognition of revenue under IFRS 15 with an emphasis on the five-step revenue recognition model

disclosure requirements relating to revenue from contracts with customers

Accounting for leases key topics:

IFRS 16 Leases: a new standard

Recognition and measurement exemption for the lessee

Initial measurement – lessee accounting

Subsequent measurement – lessee accounting

Lease modification – lessee accounting

Presentation and disclosures for the lessee

Finance base – lessor accounting

Operating base – lessor accounting

Lease modification – lessor accounting

Sales and leaseback transactions

Transitions

Accounting for financial instruments key topics:

What are financial instruments?

Recognition and derecognition of financial assets and financial liabilities

Classification of financial assets and financial liabilities

Initial measurement and subsequent measurement of financial assets

Impairment of financial assets

Impairment of financial assets carried at amortised cost

Subsequent measurement of financial liabilities

Investments in equity securities

Liabilities designated at fair value through profit or loss

Compound financial instruments

Hedge accounting

Accounting for hedging relationships

Special accounting rules

Assessing hedge effectiveness

Discontinuing hedge relationships

Increased disclosures

Disclosure issues

This course consists of one hard copy learning manual and three online assessments.

Want to know more? Click below to view a sample of the learning manual:

Learning objectives

Explain the purpose and scope of IFRS 15

Apply the requirements of IFRS 15, including the disclosure requirements

Identify contracts with customers and the performance obligations in those contracts

Determine the transaction price of a contract

Allocate the transaction price to the performance obligations of the contract

Recognise revenue when a performance obligation is satisfied

Describe the definition of a lease contract and how to identify a lease contract

Exercise judgement in common areas of complexity in lease contracts for both lessees and lessors (such as determination of lease payments, lease terms, the appropriate discount rate, and the appropriate accounting treatment for these items)

Explain the impact of lease modification, sale and leaseback and sublease transactions on the accounting treatment of the new leases

Apply the recognition and measurement requirement of IFRS for both lessee and lessor accounting

Identify primary and derivative financial instruments

Apply the criteria for the recognition and derecognition of financial assets and financial liabilities associated with financial instruments

Apply the approach to the classification, reclassification and measurement of financial assets and financial liabilities

Apply the fair value hedge and cash flow hedge methods

Measure and recognise financial instruments in the financial statements under IFRS 9 and IAS 32